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tv   Making Money With Charles Payne  FOX Business  April 8, 2019 2:00pm-3:00pm EDT

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panel. here we have deirdre bolton in for charles payne diedre: in a move shaking up washington kirstjen nielsen has resigned. sources say president trump grew increasingly frustrated as number of border crossings skyrocketed. we'll tell you about the next best steps. democratic candidates unleashing on cap tailism, as senator bernie sanders takes a position. charlie kirk with his take. all that and more coming your way on "making money".
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♪ diedre: our top story, president trump announces resignation of homeland security secretary kirstjen nielsen via tweet. he immediately named a replacement, the customs and bored protection commissioner. blake burman with the latest on the shake up. what are you hearing? reporter: a shakeup over the last few days in the department of homeland security itself, starting with the top and other key members of dhs. kirstjen nielsen was with president trump on friday. fast forward 48 hours and here at white house she is not in her position. president trump wants someone much tougher on border. nielsen's background is in cybersecurity. president clearly wants to go in a much different direction. neal send, we heard from her and still complimentary of the president and his mission. watch here. >> i share the president's goal
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of securing the border. i will continue to support the effort to address the humanitarian and security crisis on the border. other than that i'm on my way to keep doing what i can for the next few days. reporter: she will officially stay on through wednesday. the president said kevin mcaleenan, currently head of customs and border protection will become the acting head of the department of home lan security. on thursday into friday we also learned that ron vitiello, who was president's nominee to become the head of i.c.e. had his nomination withdrawn. so you have all these moving parts, deirdre. within the last 20 minutes or so here we also found out that the head of the u.s. secret service, randolph alice will soon be leaving his position. alice was told to have an exit plan for about 10 days ago, to have a exit plan. when you look at the overall umbrella of the department of homeland security, kirstjen nielsen at the top, other key members underneath her,
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president is shaking things up as it relates to dhs. diedre: a lot of moves. blake burman, thank you so much. we have former border patrol chief under president obama, mark morgan. thank you so much for the time. you see nielsen as dedicated public servant. not everybody knows how big that jurisdiction is? in addition to cyber there are so many more moving parts, what are the other parts we don't think about. >> one we talked about, secret service false under dhs, as well as tsa, fema, coast guard. you mentioned a second ago too, they play a lead role in countering the cyber threat our nation faces. so it's a massive responsibility. it is 24/7, 365. it consumes your life. anyone who will step in the breach, serve our country on that role will always have my respect.
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diedre: kevin mack call lien -- mcaleenan has a big job. this is about the safety of our country, handle the next steps, what would you tell him? >> i'm not a politician. i'm a law enforcement guy. i see a threat and humanitarian crisis. any crisis i see requires swift and bold action. we're waiting for congress, i wouldn't wait for congress. they have showed their ability to fail again and again to do what they need to do to fix the asylum laws and safeguard our country along the southwest border. as dhs secretary he will have to figure out how to do this alone without congress and have to drive forward on. diedre: what do you think, scale of one to 10 what is the most likely thing he can just put in place to make sure he is effective? >> so look, i think it is hard to pick just one but he definitely has to continue to drive mexico to get off the back bench, be proactive participants
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in the solution here. mexico is a key to this. the asylum-seekers need to remain in mexico while they're going through the asylum process. that is a key ingredient in this. diedre: mark, let me ask you, there is a lot of people who say mexico is actually been extremely helpful to the u.s. they kept a lot of people coming up from further south. do you think that is an accurate depiction or do you think they're just mixed messages out there? >> i don't think it's a mixed message from me at all. say that is false. how could mexico being doing a good job when last month we had 100,000 individuals are illegal entering our border and we're expecting a million here. because of broken asylum laws we'll let 650,000 in our country. i don't know how anybody can say mexico is doing a good job. diedre: the arguments i heard, you're better informed that some more people are trying to cross
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than before. >> that is true. doesn't mean mexico can do more. you should apply for asylum in the first safe country that should be mexico. that tells you mexico is not doing what they should. the asylum-seekers should be seeking asylum from mexico. they're going through mexico and mexico is not doing a good enough job. diedre: mark, interestingly enough you actually worked directly for kevin, did you not? >> twice, actually. diedre: what do we need to know? about him? >> what you need to know, this guy he is probably lost more i.q. points than i will ever have. he is a sharp guy. he is very intelligent. what he brings is very unique about 12 years of border and immigration experience, specific. remember he was deputy commissioner of cpb, 2014 that was first time i was working for him. that is when the humanitarian crisis started what we've got now. he was on the ground floor of this crisis all the way through today. he bring as unique perspective.
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last thing i say about him, he was confirmed for cpb commissioner. he was overwhelmingly confirmed. that tells you he is very agile dealing with d.c. politics on both sides of the aisle. diedre: it's a good thing because we need the help. mark morgan, thank you for your insights. we appreciate it. >> thank you. >> nielsen wrote in her resignation letter, i will quote here, i hope the next secretary will have the support of congress and the courts which fixing the laws which impeded our ability to fully secure america's borders and which have contributed to our discord in our nation's discourse joining me fox news contributor deneen borelli and democratic strategist, kristen hawn. welcome to you both. should congress act? you heard our guest say likely he wouldn't wait for them. what is your point of view? >> what else are they there for? yes, they should act. we have the huge loopholes that the illegal migrants are taking advantage of.
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they know if you have kids with them they have to be released in 20 days, you will never see them again. if they come into the country and they're coached and seeking asylum, they will know that they passed that first hurd deal, they will be as signed a court appearance. they will be let go, we'll never see them again. clearly congress needs to fix these loopholes pause the word is out you can come to our country illegally. if you apply these mechanisms you can stay in the country. diedre: kristen, what do you make of that? what are the chances that congress will act? there are some who accuse lawmakers on both sides of dragging their feet so that so a clearer solution could be found? what are your thoughts? >> i agree 100% congress should act. only so much incoming acting secretary can do without congress taking, passing legislation. i just point out. congress immigration reform will
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not happen unless it is bipartisan. president bush tried his hardest to get something done on comprehensive immigration reform and given the fact we have a republican led senate and a democratic led house both sides will have to stop aiming at each other and sit down actually figure out what is the realm of the possible. diedre: i will put you two on kind of a bipartisan panel. denise, i'm sorry, deneen, one thing you can imagine the gop having some flexibility on, what would it be? >> to keep pressing on the democrats because the democrats don't think there is a crisis at the border. they say it's a manufactured crisis. so they are ignoring reality. in return they're ignoring the safety and security for americans. we don't know who is coming here. we know there are gang members in our country that should not be. democrats promote sanctuary cities. they stand more for people coming here illegally than for law-abiding citizens who want safety and security. diedre: kristen, i want to pick
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up what deneen said, do you feel like there is a lot of dems who don't think this is a crisis? >> i think we believe that there is a humanitarian crisis and something has to be done. i think you asked the question, rather than just partisan rhetoric on both sides, what could the dems come to, you know, what could they come to the table on? i think building the wall in areas where it makes sense to have a physical structure i don't think is totally off the table and members of leadership have said that. diedre: what do you think is blocking then that happening? >> i think the politics around immigration are just so toxic and you know the president, around the midterm elections, the he ramped up the rhetoric even more. so you have to have an agreement by both side that you, that you are really going to have an honest conversation and, that hasn't happened around the issue. >> but here is the other thing, deirdre, president trump ran on
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safety and security, looking out for forgotten men and women and you have democrats don't want to give the president a win on anything especially when it comes to immigration policies so clearly democrats are obstructing anything to do with president trump because they -- >> i would disagree with that. look at prison reform? diedre: prison reform was wonderful example. >> jared kushner and we got something done and that was very big accomplishment. so there are number of things democrats are willing to work with president trump on. >> not immigration. >> i would say if he, if he would tape a step back not be all or nothing? >> we wouldn't be in the situation if they had been more productive trying to get something accomplishes. instead it is all political. diedre: thank you both for your contributions. deneen borelli. democratic strategist kristen hawn. to business, boeing down 7%. it may report the first decline in corporate earnings in a year. the stock if you look accounted
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for more than 3/4 of the dow's fall. more on that coming up. bernie sanders has gone from fringe candidate to front-runner. he is pulling the democratic party to the left by bashing capitalism. charlie kirk joins me next his views whether or not this backfires for the dems in 2020. we're back in just a minute. >> we are moving in the direction of oligarchy and together we are going to turn that around. [cheering] nt any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. no hidden fees. no platform fees. no trade minimums. and yes, it's all at one low price. td ameritrade. ♪ 2,000 fence posts. 900 acres.
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diedre: to 20 presidential candidates are bashing capitalism, saying it is leading us toward, quote the country of oligarchy. even billionaire investor ray dalio says capitalism needs to be reformed and he says the american dream is lost. hillary vaughn joining me from capitol hill with the very latest. hillary, what is this conversation there? reporter: deirdre, the one trendy word on the campaign trail at least over the weekend for 2020 dems was all about oligarchy. senator bernie sanders has been a self-proclaimed democratic socialist for decades so it is not surprising he is attacking capitalism on the stump. that is something is he did in 2016 when he ran for president but now we're seeing other candidates follow in his footsteps. so the idea is catching on.
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south bend mayor pete buttigieg said over the weekend that democracy is more important than capitalism. >> if you want to see what happens when you have capitalism without democracy, you can see it very clearly in russia. you see it turns into crony capitalism and turns it into oligarchky. >> we're moving into the direction of oligarch kirks together we'll turn that around. >> the way for to us get the money is go to where the money is and where the money is, it is in hands of amazons, googles, facebooks of the world. reporter: andrew yang campaigned on universal income. senators kamala harris and elizabeth warren both distancing themselves from the socialist title. warren saying she is a capitalist down to her bones. heresy sag she is not a socialist like sanders. the campaign against national system getting some play on
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wall street. billionaire investor ray dalio saying that he thinks capitalism is not sustainable as it is and does need to be reworked so that it works for everyone. deirdre. diedre: yes. after he already made billions, i guess as you should point out. hillary vaughn thank you for that. turning point usa founder, ceo, charlie kirk is with me now. charlie, what do you make of the discourse? will the left go too far left and alienate anybody that they could possibly get in the middle for 2020? >> i think so. i want to make a comment about income inequality and what senator sanders and mayor pete are really trying to garner enthusiasm behind. where are, where is america most unequal? around washington, d.c. the wealthiest counties in america are right around washington, d.c. never used to be that way. in the '60s, '70s, '80s, wealthy counties in america were around cities like detroit, philadelphia where we used to make stuff.
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entrepreneurship was rewarded. now we're rewarding those with proximity to d.c. i agree with part of their sentence. here is the problem, their solution to make government bigger? the companies are using government as a way to get themselves wealthier. that is cronyism, not capitalism. if you think the government is bought by the well-connected and why would you want to make government bigger. entrepreneurism, competition, low taxes deregulation is the solution not the government they're railing against. diedre: you have a good brain, i will pick it here. in the '70s, '80s, education is up 125%. health care is up 130%. so that is why the american middle class is struggling. i hear what you say, that government, perhaps should not be involved in those two, but those are the two big costs that people say are really hurting them. where are the solutions? >> totally. if you think college is expensive now, wait until it is free. so senator sanders solution, give cartels and colleges,
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trillions of dollars more to spend freely as they want to make, college, quote, unquote free for students. look the way higher education is formed today, it is highly regulated. it is almost like a cartel, it is only oligopoly. diedre: that scandal showed us flaws in the blueprints. >> absolutely. should government be more power if you recall to have more cozy inside relationship with colleges or allow competition? when you allow free individuals to come up with solutions entrepreneurs are problem solvers in a markets prices will go down, quality will go up, things get better for everybody else. the opposite, what mayor pete, senator sanders has done, small collection of very powerful companies in relationship with government. there is quasi-statist relationship that honestly decimates the middle class. so i want to live in an america expands personal liberty and
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freedom. that proves to be the greatest wealth creating engine for all people, not government solutions. diedre: charlie kirk, always good insight. thank you so much. >> thank you. diedre: pinterest set it is price at $17 a share. we'll tell you why that is well below its last valuation. boeing is warning it will cut back production of 737 max planes. we're all over the markets next. i'm working to keep the fire going
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deirdre: boeing is dragging down the dow. the company dealing with the fallout over its troubled 737 max series including cutting production of the jets. american airlines, the latest to announce it is extending flight cancellations through june 5th. still no word when the max
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planes will be cleared to resume operations. some analysts are concerned about the long-term effects on the company, tick harley going into earnings season. with me s&p is erin gibbs and payne senior wealth advisor michelle mckinnon. welcome to you both. glad to see you. erin, i will start with you with boeing. this will be a big disappointment. the question is how big, right? >> right. we started to see their earnings estimates, revising down so far most people taken the annual earnings down about 3%. it is, they're talking about 1/5 production. the bigger thing it will eat into their cash while these planes are stored. they're not able to sell. deirdre: some already had to put money, even if they're going to cancel or delay orders, boeing already has been paid at least 20% for some of those planes, right? >> boeing isn't going to get paid. as long as these planes are not going out, it bill definitely eat into their balance sheet.
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that will be a concern, but so far we haven't seen a huge decline in profit growth. most analysts say they like it at these valuations, certainly you don't know what will come out next. deirdre: yeah. >> with this negative sentiment and negative momentum we -- deirdre: one european airline said we're not picking up the tab for having grounded. we bought your planes. we can't fly them. you have to help us out. so they're suing. >> you definitely will see a hit on the balance sheet and definitely expect some profit decline. deirdre: michelle what are you watching? s&p 500 down for the first day after a great seven-day run. for all the people who come to you for advice, say, oh, should i sell now, should i sell now after this nine 1/2 year bull market, what do you say? >> i would say it is entirely too soon. i look at the fundamentals. we're not overly valued. we're 16 1/2 times forward earnings. the average is 15.9. it says to me, one round,
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overvalued. low inflation with accommodating fed. all those point green lights towards a higher stock market. deirdre: when, what kind of signals are you looking for if any, you want to begin to tweak your opinion? >> i say valuations would definitely be one. in terms of valuation you need to make sure you're diversified because there is way better buying opportunities in terms of the value perspective overseas but yeah, i would say, valuations and who knows. we actually might have a melt-up on your hands this year. at this point i think it is wise for investors to take profits and reallocate. deirdre: before that erin, i know you're watching financials and you're pretty bullish, right? this is the first group reporting earnings in this new earnings season you said you feel pretty good? >> financials are the first reporters and there are a couple things going for them. one, they have actually have positive earnings growth for q1 which only three out of 11 sectors have. deirdre: good to be a medalist. >> good to be positive. good to be growing.
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actually they still have pretty low valuations. with the headwinds of the fed is going to maybe even potentially cut rates or keep it flat, that certainly makes it a little harder for them to make money with the flat yield curve. nonetheless we see really attractive valuations and certainly some good profit growth. so they haven't seen as much of a rise in the past year as a lot of other sectors. so we're pretty positive. deirdre: let me ask about one of first ones, wells fargo have had so much headline risk. they had so many changes. they had a big scandal blow up in its face. is this a good time to buy? >> one exception, right? financials except wells fargo. they have a potential asset freeze. deirdre: they're not finished yet? >> they're not finished yet. there is still a lot of negative momentum. that is the one i would really try to avoid. >> just as a consumer, wells fargo, every time you call them, it is a nightmare. deirdre: from a consumer
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perspective i'm not sure that company is alone for that. >> that is true. deirdre: but, michelle, somebody comes to you says, i'm sick to death talking about stocks? what else is out there? what else can i put my money in and bonds i'm not paid much. >> i would suggest master limited partnerships. so far oil has had a very strong year. mlps are up 25% year-to-date. not only do you get a very nice dividend but also i think there is potential for further growth. deirdre: the easiest way for somebody at home not putting money directly into this through private equity or indices, right? there are mlp indices? >> exactly right. for those that don't what a mlp is, master limited partnerships. deirdre: ones publicly traded are little more transparent for begins especially. michelle, erin, good ideas. thanks for being here.
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pinterest announcing today it plans to put 75 millions shares up for sale at a price range of 15 to $17 a share. that puts the company's well below previously estimated $12 billion valuation. our very own kristina partsinevelos live on the floor of new york stock exchange with more. kristina, what happened? why the lower estimate? reporter: you could say it has to do, there is speculation how lyft dropped 12% on second day. people say it is smart to play conservative cards out of the gate. they can go higher, 15 to $17. lyft, their ipo price was priced higher because of the oversubscription. there is lot of chance for movement. pinterest has been around since 2010. if you're wondering what does this company do and how does it work and how do they make money? i was even talking to one trader sitting here listening, he is saying a vision board his wife happens to use, because she pins all the pictures on to a page. the company actually has
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250 million users or i can say pinners. they had a loss, company had a loss of $63 million in 2018. however revenue has steadily climbed to 60% in 2018. this company is going to go public at the new york stock exchange. it will be ticker symbol pin. it has a dual class share structure. class a and b, with some of the voting power more to the one side. these are major stakeholders like the founders. another interesting thing for the company, the future, where will it go when it talks about monetizing pinterest? how are they ever going to turn a profit? they have introduced a buy button much like instagram, much like facebook. they have promoted pins paid by advertisers and sponsors. still unsure whether there is a commission involved for pinterest. last but not least the data collection. for example if you're a shoe company, deirdre, you like red patents versus crocodile heels,
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you pin the red patents, the company knows that the red patents will sell better. a lot has to do with data collection. all in all, it will go public this month, no set date yet. a lot of people will be rich including the vc firm, andreessen horowitz and founders making millions upon millions of dollars with the ipo. we'll see fit is another unicorn out there galloping in the markets. deirdre: it is tricky to have a lot in sales, not too much in profits. we saw some of the enthusiasm come of of lyft for that reason. people worry about that for pinterest as well. >> thank you. deirdre: kristina partsinevelos from the floor of nyse. the fight to get president trump's tax returns hit as fever pitch. mick mulvaney declares democrats will never, that is his word, see the president's returns. some new york lawmakers are trying a new strategy. we'll tell what you they are doing next.
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♪ deirdre: welcome back. stocks are mixed right now. nasdaq in positive territory. boeing continuing to weigh on the dow. s&p 500 on track to snap a seven-day winning streak. off the lows of the session. boeing is struggling, but delta is shining. topped ranking of airlines on time arrivals and fewer customer complaints. up from second place. followed this year by jetblue, southwest, frontier, last just behind american airlines. british prime minister theresa may hitting the road across europe to try to explain why the uk needs a brexit delay. right now it is scheduled for friday. at home she is scheduled for further talks with opposition parties. acting white house chief of staff mick mulvaney tells
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fox news that house democrats will never, that is his word, see president trump's tax returns. >> you believe democrats will never see the president's tax returns? >> oh, no, never. nor should they. keep in mind that is an issue already litigated during the election. voters knew the president could have given his tax returns. they knew he didn't. they elected him anyway which is what drives the democrats crazy. deirdre: these words are setting up a new fight with house democrats who asked the irs to hand over six years of president's tax returns by april 10th. back with me now, deneen borelli and kristen hawn. thank you both. so, deneen, do you care as a citizen if you see these results? >> no. deirdre: short and sweet. >> and listen, as mick mulvaney said, americans didn't care about the president's tax returns in 2016. this is not going to work again this time around for 2020. so clearly the president has his choice, prerogative to not
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release his taxes but the democrats have gone wild over this. they're imploring every possible tactic that they possibly can to get his tax returns. deirdre: kristin, why has this become such a big issue? >> well, i mean this is something that presidents and presidential candidates have been doing for decades. he really broke precedent. the argument, you know didn't do it, didn't release the tax returns and got elected anyway is pretty ludicrous. he also -- >> it is true. >> he talked about grabbing women inappropriately and still got elected, that doesn't make that okay as well. the american people deserve to see if the president of the united states has specific conflicts of interest. him not being willing to release them just begs the question what is he worried about here. deirdre: kristin, i was going to ask you, let's say the papers come out, will that actually sway independents? at this point the democrats who are dyed-in-the-wool democrats will vote democratic no matter
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what. republicans who vote republican vote republican no matter what but there is probably a large group of america is up for grab. >> yep. deirdre: do you think this could sway people's opinion. let's say he made less money that he purports, does that matter? >> i think that is separate question. whether he should or should not will ultimately impact at the voting ballot t wasn't something that people were concerned about and, during the midterm elections and so don't really think it will an impact on the 2020 race. deirdre: so, deneen, from a policy standpoint, what are the chances that this can be a forced issue, right? because the house democrats have gone from requesting to demanding, right? they are actually going a step further to get these papers released? >> they continue to go a step further. they're are also contacting the irs commissioner. new york state may come out with a bill this week to get the president's state tax returns
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released which would be a backdoor of way getting to the federal returns. so clearly the democrats are so desperate right now to do anything to discredit, anything to try to give president trump on something. the investigations from what i read, and what i understood are over but the democrats keep digging and digging. deirdre: you think essentially they're looking for some sort of debt, oh, that is why he was trying to make deals with other countries where maybe there is properties that he wants to develop? >> they want to know what his business dealings were, his personal tax returns as well. they keep digging for something. this could be a turn-off for independents just like one of your questions alluded to earlier. why are you digging so much? why can't you do your job, do your work, look for what americans put you in office to do, which is, look out for them? deirdre: okay. deneen, thank you so much. deneen, kristen, thank you both. glad to have you. the uk government sending a strong signal to social media
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companies. the message is, it is the end of the era for self-regulation. coming up the new hefty fines that big tech could be facing. the white house going on defense over herman cain and stephen moore's nominations to the federal reserve. our take whether or not the mainstream media is politicizing these fed nominations. we're back shortly. ♪ you wouldn't accept an incomplete job from any one else. why accept it from your allergy pills?
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deirdre: breaking news on our top story right now, white house press secretary sarah sanders confirming the secret service director is leaving. i will read you the part of the statement. united states state secret service director, randall alles has done a great job, and president thanks him for more than 40 years to his country. he will leave shortly. president elected james murray a career member of the secret service to take over as director beginning in may. continue to follow this developing story. but in the meantime the fed will release its minutes of the march meeting on wednesday. investors will be listening very carefully for more clues how long the central bank will hold off raising rates. or if in fact it is considering a rate cut. national economic council
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director, larry kudlow calling criticism of president trump's plans to appoint steve moore and herman cain to the fed board as unfair. >> president trump has every right to put people on the federal reserve board with a different point of view. you don't have to rush pell-mell into tightening policy and raising rates just because the economy is growing. deirdre: joining me to discuss national taxpayer union senior fellow mattie duppler. thank you so much for the time. quick question, the fed all but said we're on hold for the rest of the year. the fed did say that, but what are the chances of a rate cut? >> this year will be a little bit different after the hand-wringing last year will they or won't they raise rates? every good bit of economic news that we to the was met by market anxiety that would induce the fed to raise rates. after the march meeting, the story was a little bit different. the fed emphasized patience in the phase of economic data.
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expectations on fed hikes has been cut quite a bit. there are some expectations there could be a another cut before there's a hike in the coming year. right now we're looking at one fed rate hike. the expectation in the last part of this year but that really again we saw from the fed the expectation they will be data reliant. they will be listening to the economy. that being the case i don't think we'll see a ton of surprise in the minutes released today. really going into the last march meeting people are wondering whether or not the balance sheet would be a big topic of discussion. powell and his comments after that meeting last month cleared up what the fed will be doing, in terms of rolling off that balance sheet, ending in september. so that is a question externalities of global economy. brexit is topic of conversation. it will be interesting to see what the minutes have to say about that. deirdre: the focus on europe as well. obviously brexit in that neighborhood. germany showing signs of
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weakening as well. brexit would certainly be an upset to that region although president trump made it very clear if the uk does step out of the eu, that the u.s. would be very willing to take a look at trade negotiations and trade deals directly with the uk that are perhaps better than what they have as part of europe right now. what do you think though with the policy maybe as you said, mattie, with less hand-wringing? does that call more attention to the personalities? i'm speaking about herman cain, the fact that he took so much public criticism about suggesting at one point that the u.s. go back to basing the dollar on gold, for example? >> right, exactly. it is interesting the criticism about herman cain and the other nominee to the federal reserve, the court of public opinion isn't important here. it is really hearings that happen in the united states senate. it is up to united states senators to decide whether or not these two individuals are qualified. the real question about all the
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criticism about president trump, whether or not it is appropriate for him to nominate economists and people who agree with him, look at other people he nominated to the board. specifically the chairman himself, jay powell who is obviously has taken a little bit more of a hawkish view than the president would prefer. deirdre: still act independently what you mean? >> in alternate universe you can see this is balancing act. powell and clarida are hawkish. seems to me that would be a good balance of the personalities there. exactly. deirdre: there are diverse opinions. thanks as always. >> thank you, deirdre. deirdre: mattie duppler joining us there. stocks are mixed as we head toward the final hour of trading. tech companies are facing huge fines and criminal penalties under the eu imposing regulations. we'll see if we are going to
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deirdre: the uuk is cracking don on big tech. under new rules proposed by the english government today, social media companies will be policed by an independent regulator and could be held legally responsible for any violent content on their platforms. could similar action here happen in the u.s.? well, with their views, susan li
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and market watch tech editor, jeremy owens. susan, i will start with you. we know that that last month's terrorist attack in new zealand sobered up a lot of people. we know the attacker was actually posting those images on facebook. facebook came under a lot of pressure so most governments are trying to figure out what happens next. susan: yes. i read through this online white paper the uk government commissioned and right now, they are talking about possibly creating this independent regulator to oversee these online social media sites. it's not just social media. i mean, public forums will also be scrutinized as well as these file sharing sites. it's not just facebook, not just twitter. this is broad and far-reaching. people have concerns about first amendment rights. how do you actually police the internet and define what is hate speech, what exactly is terrorist content. there are a lot of questions here. deirdre: this is something that germany, for example, has been
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struggling with for years and in germany, they are just very strict, right. they have not said we don't care about freedom of speech, but they have erred on the side of limiting that as opposed to promoting what they consider to be hate speech. what does this mean for tech companies? it's really hard to figure out. >> it's really hard to figure out when these rules are going to change from country to country. in the u.s., our only major law we managed to pass has been that the tech companies, the platforms cannot be held responsible for what people do on them. the rules that the uk is talking about are in direct opposition. you are talking about companies having to live up to those laws, depending on the country. at some point they are going -- if the uk goes too severe with these laws, i think they will say you know what, we're not in the uk anymore. let's see what your citizens think of that. that's the kind of fight we are in for if they really go hard and severe with these rules. deirdre: do you think they are going extra hard, extra severe, i know susan said it's broader
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than just the social media companies, but these companies are american so for example, the uk, germany, wherever else, they don't have the creation bragging rights that the u.s. has. is that affecting what's being proposed? >> it could be. you know, they have done a lot of different things and you can get into their motivation, but the point is that these companies will have to do a lot of compliance costs to live up to them and what they have to do now is react. they can't wonder about why are they doing this. they have to say okay, here's our response. we haven't seen much of a response from them so far. it will be very important how they go about this. deirdre: mark zuckerberg and facebook has welcomed more regulation. in fact, in that privacy manifesto in the op-ed piece he says governments should be stepping in, it shouldn't be vague considering how many social media sites there are, how many things are shared on different sites around the world. the government needs to define what exactly is illegal in their view. this is probably part of the step-up from governments. >> they have to establish a line, right.
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these platforms are basically making up their own rules the entire time. there's a general rule now that they have to wait for snb omebo to flag the content, a user or somebody on the other side. if that's going to be the case, we have to set a line, how long can it stay up. what is objectionable. these are some very hard questions we have to ask. and the social media companies are willing to live up to whatever rules. there just are no rules right now. deirdre: jeremy, susan, thank you. glad to have you both. before we go, we are getting word from prosecutors, actress felicity huffman will plead guilty. this is part of the college admissions scandal. she is going to be among 14 people charged to do so. the scam had wealthy parents bribing university officials and coaches to get their children into difficult-to-reach schools. no word yet on actress lori loughlin, her plans, best known as aunt becky on "full house." well, that does it here.
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thank you so much for joining us. charles payne back tomorrow. in the meantime, we turn things over to liz claman. a mixed market, so to speak. the dow still lower, the nasdaq higher. liz? liz: we are looking at all of this, and again, folks, you need to stay with me because we have a bunch of headlines coming in right now. number one, oil is spiking right now to five-month highs even in the after-market session, as libya descends into near total chaos. at this hour, battles between the government and this rogue military element run by a warlord intensifying in and around the capital of tripoli. 51 dead, thousands are fleeing the conflict in the oil-rich nation as it threatens to spiral out of control. looking at west texas crude right now, settling the last half hour up more than 2%. right now, it is still right there. no relief there on those prices. we stand at $64.36. meanwhile, homeland security in our nation

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